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Chapter 13 Assignment eBook E Calculator Print Item Cost Allocation and Lower-of-Cost-or-Market Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost January 1, 20-- Beginning inventory 1,090 $ 8.2 $ 8,938 March 5 1st purchase 900 9.2 8,280 April 16 2nd purchase 400 9.7 3,880 June 3 3rd purchase 700 10.4 7,280 August 18 4th purchase 580 6,438 September 13 5th purchase 810 12.1 9,801 November 14 6th purchase 410 14.1 5,781 December 3 7th purchase 520 14.15 7,358 5,410 $ 57,756 There are 1,000 units of inventory on hand on December 31. Required: For the weighted average method, round calculations to two decimal places. Round all final answers to the nearest dollar. 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO C. Weighted average Chapter 13 Assignment eBook Calculator E Print Item There are 1,000 units of inventory on hand on December 31. Required: For the weighted average method, round calculations to two decimal places. Round all final answers to the nearest dollar. 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Goods Sold cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average 2. Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted average lower-of-cost-or-market 3. Prepare required entries to apply: a. FIFO lower-of-cost-or-market b. Weighted average lower-of-cost-or-market If no entry is required, select "No entry required" and leave the amount boxes blank or enter "o". Debit Credit a. Description Loss on Write-Down of Inventory Merchandise Inventory